Post navigation

This February we saw another unbalanced month of real estate in the northwest Seattle market. It continued the trend of last year of being a very strong sellers market as home prices jumped when compared year over year. With less homes coming on the market it is forcing the many buyers in the market to pay more, be aggressive with their offer, and compete in a multiple bid process, where often times the final sales price will end up well above the asking price. Below are some stats that will reinforce these points.

For February 2015

10% fewer homes came on the market than in February 2014

7% fewer homes sold than in February 2014

The median home sold went for 16% more than in February 2014

There is currently less than a 1 month supply of inventory (which is lowest in King County)

Average days on market is 34 days (lowest in King County)

If you have any questions about the northwest Seattle real estate market feel free to reach out and we would be happy to assist.

*Statistics not compiled or published by the Northwest Multiple Listing Service

According to this report by Kiro TV, the Seattle Department of Transportation is planning to turn 250 parking free spots in downtown Ballard into paid ones. In addition to this, there will be more time limit spots for areas where there are currently no restrictions on how long you are allowed to park. Johnathan Williams, senior transportation planner with SDOT, states that the idea is “to create available access to businesses, so folks coming into the neighborhood can find a place to park.” Kiro TV says that the plan is to implement these changes in the spring.

The issue at hand is that with Ballard becoming more dense with the addition of new apartments and condo’s, along with a growth of new businesses, parking is at a premium. While extending paid parking times and adding more paid spots will increase turnover, it could also reduce the amount of time people spend in Ballard.

How do you feel about this? Do you agree or disagree with the plan from the Seattle Department of Transportation?

September was another strong real estate month in the Ballard market. During that time we saw an 8% increase in the number of new listings that hit the market but at the same time there were 20% fewer active listings available for purchase when compared to September 2013. While more homes came on the market this past September than the previous year, it still did not make up for the overall low inventory of homes that has plagued the Ballard area. Inventory levels are at a one month supply which is the lowest level in King County. As a result, we saw the median home price rise this past September in part due to fewer homes available to purchase. The median single family home price on closed sales in Ballard was $524,500 last month. That is a 12% increase when compared to September of 2013 where the median home price of a sold home was $468,500. With interest rates still at historic lows and Ballard attracting a lot of buyers, this trend of low inventory and high prices is set to continue. If you would like more information on the Ballard real estate market, please feel free to reach out.

*Statistics not compiled or published by the Northwest Multiple Listing Service

The 2014 real estate market in Ballard has been one of low inventory and high prices which is also the trend for the entire North Seattle market. When looking at the year to date figures, the average single family home price has increased by almost $40,000 which is about an 8% increase when compared to the first seven months of 2013. When looking at the year to date median single family home price, that has increased by over 10% when compared to 2013. These increases are a result of the market trends that show Ballard is a top Seattle neighborhood to purchase in as well as the low inventory levels have caused home prices to increase.

Another figure that can help explain the current market conditions in North Seattle is that the number of sales closed has decreased by almost 5%. While it is hard to pin point the exact reason for this, one explanation could be that some buyers are stepping out of the market in the short term because they are tired of losing out on homes that they made offers on. When looking back on the Ballard real estate market in 2014, buyers are losing out on homes even when offering well above asking price. This frustration in my opinion is part of the reason for fewer sales in 2014.

For more information about the Ballard real estate market or if you are looking to buy or sell your come, please feel free to contact me.

*Statistics not compiled or published by the Northwest Multiple Listing Service

The North Seattle real estate market has continued to be a high demand low supply market. While the level of inventory has inched closer to a one month supply, we are still nowhere near a normal market condition. Because of the low levels of inventory, historic low levels of interest rates, there are a lot of buyers in the market and not enough homes for sale to satisfy the demand. As a result, the average home in North Seattle sold for 13.5% more last month than it did in June 2013. If we compare median home prices, that increased by more than 12% from the previous year. With no shortage of interested buyers, this is a great market if you are looking to sell your North Seattle home for a premium price.

In Ballard, we saw similar trends as the rest of North Seattle saw with homes selling for a premium amount and closing in a short period of time. The demand to live in Ballard is evident in multiple ways as new construction homes are popping up everywhere. Another indicator of the strong sellers’ market in Ballard is the fact that homes are receiving multiple offers and closing for well above the asking price. If you are looking to buy or sell your home in Ballard, please feel free to contact me.

The real estate market for the North Seattle area continued the year long trend of being a sellers’ market. Houses are selling faster and at a higher price point than a year ago. The average days on market for a North Seattle home in 2013 was 24 days, this past month a home sold on average in 20 days. More buyers are having pre-inspections completed, writing cash offers, and waiving other contingencies, all to compete for their dream home. Compared to May of 2013, the median price on a home sold in North Seattle increased by 10%. That increase is a result of more buyers who are looking to live in North Seattle.

More specifically in Ballard, the median home price rose from $436,000 in May 2013 to $500,000 in May 2014. That is a 15% increase from the previous year and 5% higher than the average home sold when compared to the rest of North Seattle. If you are looking to buy or sell your home and would like more information, feel free to contact me with any questions.

April continued the trend of 2014 as a seller’s market. In the North Seattle area the median home price sold for 7.5% more when compared to April of last year. This increase in price has to do with the sharp decrease in the number of new listings that came on the market. Compared to April 2013 there were about 20% less new listings than there were in April 2013. Inventory is overall still very low with less than one month supply.

When looking at the specific area of Ballard we saw similar trends. The number of new listings decreased by 21% and the average days on market for a home in Ballard was 19! Compared to April of 2013, the median sold price of a Ballard home in April 2014 rose by 16.9% or almost $75,000. While much of this has to do with the decrease in overall inventory it also has to do with the popularity of the Ballard neighborhood. If you are looking for more information on the Ballard real estate market, feel free to contact me.

The Ballard real estate market continues to be very active in March as we saw 13% more units sold this past month than in 2013. While the average price per sale decreased by about $10,000 when you compare it to March 2013, the year to date average sale price in Ballard is over 5% higher than 2013. One reason that Ballard home prices are higher is due to the limited inventory available. Currently the Ballard inventory is less than one month’s supply which is lowest in the Seattle area. Sellers are taking advantage of this market due to the greater demand for the few quality properties available. Multiple offers, waiving of contingencies, and short closing periods are all common in today’s market. Currently the average home in Ballard is on the market less time (26 days) than any other area in Seattle. If you are looking to sell your home or if you have any real estate related questions, feel free to let me know.

If you are in the market for a home in the Broadview area, then take a look at this 1928 English Tudor which sits on 3/4 of an acre of land. With a grand entrance and a circular drive way, you get the feeling that you are about to enter a luxury estate. Included in this home are 4 bedrooms, a large fire place, and many other custom features that make this home what it is.

For all the information on this property, check out this site. Or better yet, there will be an open house this Sunday March 23rd from 1:00 to 3:00pm where you can see for yourself what this place has to offer.

The Ballard real estate market continued its previous trend of low supply and high demand in February. With inventory down to a one month supply (compared to 2.5 months in all of King County) the few Ballard homes that are on the market are quickly selling. This is also reinforced by the 6% increase of single family homes sold this February compared to February 2013. Because of low levels of inventory Ballard homes are selling faster and for more.

The median home in Ballard this past month sold for $484,000 compared to $423,000 this time last year. While Ballard being an attractive place to live is part of the reason for the increase in home prices, another has to do with there being 14% less actives now on the market than in 2013.

If you have previously considered selling your home, there could not be a more attractive time to take advantage of this current market than now. If you would like to discuss this further or have any other real estate questions, feel free to contact me at any point.

Post navigation

BALLARD IN A NUTSHELL

Ballard is a Seattle neighborhood located northwest of downtown. Ballard is known for its nordic and maritime roots and is home to the Hiram M. Chittenden Locks. Today the area is a popular living location with hip restaurants and a thriving condominium community.